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Producing Quality Products Since 1929 — Always Moving Forward!

Investor PresentationSidoti Inaugural Virtual Microcap Conference 2020

June 30, 2020

Disclaimer

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by or on

behalf of Ampco-Pittsburgh Corporation (the “Corporation”). The information offered in this presentation may include, but are not limited

to, statements about operating performance, trends, events that we expect or anticipate will occur in the future, statements about sales

levels, restructuring, the impact from global pandemics (including COVID-19), profitability and anticipated expenses and cash outflows. All

statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking

statements” within the meaning of the Act and words such as “may,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,”

“forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking

statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future

performance or expectations, and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not

limited to: cyclical demand for products and economic downturns; excess global capacity in the steel industry; increases in commodity

prices or shortages of key production materials; consequences of global pandemics (including COVID-19); new trade restrictions and

regulatory burdens associated with “Brexit”; inability of the Corporation to successfully restructure its operations; limitations in availability

of capital to fund the Corporation’s operations and strategic plan; inability to satisfy the continued listing requirements of the New York

Stock Exchange; potential attacks on information technology infrastructure and other cyber-based business disruptions; and those

discussed more fully elsewhere in documents filed with the Securities and Exchange Commission by the Corporation, particularly in Item

1A, Risk Factors, in Part I of the Corporation’s latest annual report on Form 10-K for the year ended December 31, 2019, and Part II of the

latest Form 10-Q. The Corporation cannot guarantee any future results, levels of activity, performance or achievements. In addition, there

may be events in the future that the Corporation may not be able to predict accurately or control which may cause actual results to differ

materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, we assume no

obligation, and disclaim any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

Ampco-Pittsburgh Investor Presentation 2

Non-GAAP Financial Measures

The Corporation presents certain non-GAAP financial measures, including adjusted income (loss) from continuing operations and adjusted EBITDA, as supplemental financials measure to GAAP financial measures regarding the Corporation’s operational performance. These non-GAAP financial measures exclude certain unusual items affecting comparability, as described more fully in the footnotes to the attached non-GAAP financial measures reconciliation schedules, which reconcile to the most directly comparable GAAP financial measure.

The Corporation has presented non-GAAP adjusted income (loss) from continuing operations because it is a key measure used by the Corporation’s management and Board of Directors to understand and evaluate the Corporation’s operating performance and to develop operational goals for managing the business. Management believes this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the operating results of the Corporation, enhancing the overall understanding of the Corporation’s past performance and future prospects, and allowing forgreater transparency with respect to key financial metrics used by management in its financial and operational decision-making. Non-GAAP adjusted income (loss) from continuing operations should be used only as a supplement to GAAP information, in conjunction with the Corporation’s consolidated financial statements prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are limitations related to the use of non-GAAP adjusted income (loss) from continuing operations rather than GAAP income (loss) from continuing operations. Among other things, the Excess Costs of Avonmore, which are excluded from the non-GAAP financial measure, necessarily reflect judgments made by management in allocating manufacturing and operating costs between Avonmore and the Corporation’s other operations and in anticipating how the Corporation will conduct business following the sale of Avonmore, which was completed on September 30, 2019.

The Corporation presents non-GAAP adjusted EBITDA, defined as net (loss) income attributable to Ampco-Pittsburgh (which is the most directly comparable GAAP measure), with other (income) expense including interest expense, income tax provision (benefit), depreciation and amortization expense and other certain unusual items, as footnoted, added back. Management believes that adjusted EBITDA is widely used as a measure of operating performance and is a useful indicator of the Company’s operational strength and performance. Nevertheless, the measure should not be considered in isolation or as a substitute for net (loss) income, income (loss) from continuing operations, cash flows from operating activities or any othermeasure for determining liquidity that is calculated in accordance with GAAP.


The Vision

Our Vision is Simple:


#1 Market Share position for the customers we serve – Top Line

Growth

Deliver a Minimum Net Income of $25M – Financial Resilience

- Double Digit EBITDA Margin -

Underperforming and underutilized assets

The Problem


Significant gaps in leadership

Poor productivity impacting costs, product lead time, and predictability

of performance

Complex flow path and excessive overhead structure driving

unnecessary costs

Divest underperforming and non-core businesses

The Plan of Attack


Replace key leadership positions

Maximize core assets through operational efficiency improvements

growing margins, customer share, and opening new markets

Consolidate manufacturing footprint through asset upgrades further

reducing overhead, labor, and working capital

Ampco-Pittsburgh Corporation

A manufacturer of highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world.


Forged and Cast Engineered Products

Manufactures and develops metallurgical alloys and

processes for forged and cast hardened steel rolls used in

rolling mills by producers of steel, aluminum and other

metals. Produces ingot and forged engineered products

used in industries such as automotive tooling, plastic

injection molding, infrastructure, general industrial, and oil

& gas.

Air and Liquid Processing

Manufactures products such as heat exchangers, custom

designed air handling systems, and centrifugal pumps

used in a variety of end markets.

Headquarters: Carnegie, PA, U.S.

Founded in 1929

NYSE: AP

2019 Total Revenue: $397.9M(from Continuing Operations)

Market Capitalization: $36.58M (as of 6/25/2020)

Total Debt: $68.2M (as of 3/31/2020)

Ampco-Pittsburgh Global Footprint


Valparaiso, IN

Austintown, OH

Erie, PA

Carnegie, PA

Burgettstown, PA

Lynchburg, VA

North Tonawanda, NY

Amherst, VA

Gateshead, England Åkers Styckebruk, Sweden Ravne na Koroškem, Slovenia

Taiyuan, China

Xinjian Town Yixing, China

Maanshan, China

Locations

Manufacturing

Sales

Ampco-Pittsburgh Corporation


2019

Revenue*$305.6M $92.3M

2018


2017


* From Continuing Operations

Ampco-Pittsburgh Customers


Forged and Cast Engineered Products


$306M2019 NET SALES*

A world-leading manufacturer and partner for our rolling

mill customers in the development of specialty alloys for

forged and cast rolls.

Produces ingot and forged engineered products used

in industries such as automotive tooling, plastic injection

molding, infrastructure, general industrial, and oil & gas.

Global Footprint

Manufacturing Facilities: 5 in U.S., 3 in Europe,

3 JV’s in China

Global sales network

Key Customers:

ArcelorMittal, U.S. Steel, Novelis, Tata Steel,

Ternium, Nucor

* From Continuing Operations

Forged Engineered Products

7%

Forged and Cast Mill Rolls

93%

Key Rolling Mill Customers


DIVERSIFIED BASE OF GLOBALLY RECOGNIZABLE CUSTOMERS

Over 75% of the world’s steel and aluminum

products require rolling

End Markets for Forged and Cast Engineered Products


Steel and aluminum play critical roles in virtually every phase of our lives.

Source: World Steel Association

Basic Rolling Mill Manufacturing Process


Hot Rolled Strip Mill Manufacturing Process


This video is result of a collaboration between the Association for Iron & Steel Technology (AIST) and Purdue University Calumet’s Center for Innovation Through Visualization and Simulation (CIVS) with contributions from the Colorado School of Mines’ Advanced Steel Processing and Products Research Center (CSM-ASPPRC).

Rolls that last longer

The Customer’s Needs


Stability in mill performance

Rolls that meet stringent surface finish requirements

Easy access to quick and knowledgeable technical support

Highly-valued sales and technical support

representatives globally positioned to meet the

immediate needs of the customer

In-house melting and heat-treatment processes

enable material composition customization to

meet durability and stability requirements

Ability to offer broader range of roll types

in the industry

Union Electric Solutions


Barrier to entry: Significant financial capital

required

Union Electric vs. Competition


Ability to offer most diverse range of roll types and chemistries in the industry

Diversification into Open-Die Forging Market


Source: SMR Premium GmbH

Manufacturing requirements for open-die forge market are a strong match

for our manufacturing assets

Open-die Forge Addressable Market = $800M+

• Union Electric Market Share = 2.4%

Triple our market share by 2022

Energy15%

Oil & Gas12%

Mechanical Engineering

23%Heavy

Industry13%

Tool & Die22%

Aerospace2%

Others13%

Open-die forgings

are used in a variety of

industries:

Open-die Forging Market


Activity is currently underway with customers requiring custom forged steel products for

bridges, power generation, building construction, and more!

Air and Liquid Processing


$92M2019 NET SALES

Aerofin: Produces custom engineered heat exchangers

and heat transfer products used in industries such as

nuclear power, industrial process and HVAC

Buffalo Air Handling: Produces large custom air handling

systems used in commercial, institutional and industrial

buildings

Buffalo Pumps: Manufactures a line of centrifugal pumps

for refrigeration, power generation, and marine defense

Heat Exchange

Coils30%

Centrifugal Pumps39%

Air Handling Systems

31%

Key Aerofin Customers


Leader in the development, design, manufacturing, and service of technologically

advanced, highly engineered heat exchangers

Mission-Critical Functions Across Demanding End Markets

• Preferred supplier of heat exchangers to hospital emergencyrooms and for critical HVAC applications such as operatingrooms and sterilized laboratories

• Certified under stringent Air-Conditioning, Heating, andRefrigeration Institute (AHRI) performance testing and criteria

• Critical cooling for emergencies and personnel

• Designed to American Society of Mechanical Engineers (ASME) pressure and temperature requirements

• Nuclear safety-related applications

Custom Heat Exchangers

Nuclear Power Generation


Quality, reliability, and design efficiency



Ease of selection for custom applications

Ability to customize with multiple options from one source

Demand solutions-driven engineering from a trusted brand

Aerofin Solutions


Installed applications ranging from -40 °F to

950 °F

Preferred supplier of heat exchangers in the

Custom Air Handler market

Powerful and easy to use selection and drawing

software

Innovative product designs such as the

Split-Fit® and Aeromix® coils

Broadest range of coil sizes and materials of

construction in the industry

#1 heat exchanger supplier to the North

American Nuclear Power Generation market.

Equipment is installed in 93% of all

North American plants

Key Buffalo Air Handling End Customers



advanced, highly engineered heat exchangers


• Provide critical temperature control to major biotechnologyresearch facilities throughout the country.

• Pharmaceutical manufacturing customers depend on ourengineering and quality for their 24-hour operations.

• Gene and protein CAR-T cell therapy and cell manipulationprocesses; significant research hospital in Boston.

• Continuous and reliable air supply solutions are critical for operating, recovery, and intensive care rooms at hospitals.

• Vital for hospital Cath, Magnetic Resonance Imaging (MRI)labs, and diagnostic testing labs.

Pharmaceutical & Biotechnology Research and Manufacturing

Hospital Construction


Experienced and technically advanced supplier of air handling

equipment



Accurate and reliable designs at project conception

Designs that meet strict industry certification requirements

Continuous and reliable air quality to support and protect long-term

research

Buffalo Air Handling Solutions


Customers choice for historic and critical retrofit

projects requiring unique equipment while

preserving the building design integrity at the

lowest cost

State of the art engineering and design software

guaranteeing successful installations and

operation

Principle source for all major Pharmaceutical

and Biotechnology corporations’ critical air

handling applications, such as Gene and

Protein Therapy. Cell Manipulation, Tablet and

Pill Coating, and R&D for life altering treatments

Preferred supplier for Hospital and Healthcare

applications, such as Operating and Patient

Rooms, and Cath and Magnetic Resonance

Imaging (MRI) Labs

Assured reliability due to air handling units

being seismically certified per International

Building Code (IBC), and ETL certified and

listed

Leader in Custom Air Handling units with over

100 years of engineering, design and

manufacturing experience

Key Buffalo Pumps Customers



advanced, highly engineered pumps


• Pumps for combatant ship service

• Built for Navy-specified 40-year design life, designed to withstand shock testing, and built of corrosion resistant metallurgy

• Every pump undergoes performance and pressure testing in accordance with Navy standards prior to shipment

• Provides lubrication for turbine bearings and generator seals for gas and steam turbines at power plants

• Each turbine typically requires three pumps for lubrication service - a main, auxiliary, and emergency pump

• Designed to unique performance requirements based on the class of turbine

Navy / Marine

Power Generation


Design life requirements of 40 years as specified by the Navy



Reliable operation 24 hours a day, 365 days a year

Stringent pre-shipment testing protocol upheld by supplier

Buffalo Pumps Solutions


Supplier of choice in custom made solutions for

equipment supplied to the worldwide Power

Generation and Oil and Gas OEMs

Industry leader in Navy/Marine, Power

Generation, Oil and Gas, and Industrial

Refrigeration markets

Pumps installed in critical applications onboard

80% of the ships in US Navy surface fleet

Support installed base with aftermarket pump

repair and parts installation

Supply pumps for demanding applications in

Industrial Refrigeration

Over 135 years of design and supply of custom

pumps to customer’s exacting specifications

Turnaround Strategy is working!


Divestment of non-core assets

• Sold specialized parts and service provider to North American rolling mills, Vertical Seal

• Sold Canadian specialty steel operations, ASW Steel

• Sold North American cast roll operations, Akers National Roll

• Improved income from operations $9-10M annually

Develop and diversify non-roll, open-die forged business

Focus on increasing operating cash flow for capital investments to

increase productivity and improve margins

New Leadership

• Brett McBrayer introduced as new CEO in July 2018 with a focus on operational improvements, reducing complexity,

and rightsizing the business for future growth and profitability

• Sam Lyon appointed Segment President with new plan to reduce costs, streamline operations, and improve product mix

Cost Reduction

• Expect ~$3-4M operating cost reduction in the European cast roll

operations in 2020

• Target to reduce corporate expenses by 10-15% in 2020 vs. 2019

Consolidated Financial Trend Improvement($MM’s)


* See non-GAAP Reconciliation Schedule in the Appendix

$0.0

$150.0

$300.0

$450.0

($60.0)

($30.0)

$0.0

$30.0

2016 2017 2018 2019

Ne

t Sal

es

(Lo

ss) i

nco

me

fro

m c

on

tin

uin

g o

pe

rati

on

s &

Ad

just

ed

EB

ITD

A

(Loss) income from continuing operations, as reported (GAAP) (Loss) income from continuing operations, as adjusted (non-GAAP)*

Adjusted EBITDA * Net Sales

3.8%4.3%

5.8%

Consolidated Financial Quarterly Trend($MM’s)


* See non-GAAP Reconciliation Schedule in the Appendix

$0.0

$60.0

$120.0

($10.0)

$0.0

$10.0

2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1

Ne

t Sal

es

(Lo

ss) i

nco

me

fro

m c

on

tin

uin

g o

pe

rati

on

s &

Ad

just

ed

EB

ITD

A

(Loss) income from continuing operations, as reported (GAAP) (Loss) income from continuing operations, as adjusted (non-GAAP)*

Adjusted EBITDA * Net Sales

($40.1) ($12.0)

5.3%5.5%

4.1%

1.6%

5.7%

6.8%

4.4%

6.3%

8.6%

18 to 36 Month Timeline – Machine OEM Dependent

Current State – 3 Forge Facilities Future State – 2 Forge Facilities

Replace Single-Purpose Machines with Multi-Purpose Machines

✓ Efficiency Improvements

✓ Working Capital Reduction

✓ Labor Savings

✓ Transportation Savings

✓ Repair & Maintenance Savings

✓ Overhead Savings

Annual Savings of $9 Million - $12.5 Million

CAPEX and Use of Funds

▪ Ampco-Pittsburgh Investor Presentation 37

2-3 Year Growth Initiatives


Diversifying product offerings in open-die forged products and increase market share to three times current position

Invest in modernization CapEx to increase automated processes resulting in higher margins

Increase sales and productivity in the Air and Liquid Processing business through productivity improvements and capturing market growth

Other Catalysts for Growth


Steel or Roll picture

Infrastructure bill proposals could drive higher steel demand

Significant operating leverage for market

recoveries in steel and oil & gas

Post pandemic-related new growth

opportunities in pharmaceutical, hospital and

biotech research

Pending trade actions in the U.S. shale oil &

gas market

Producing Quality Products Since 1929 — Always Moving Forward!

Thank Youampcopgh.com

March 26, 2020Ampco-Pittsburgh Investor Presentation 40


Appendix

Non-GAAP Reconciliation($000’s)


2016 2017 2018 2019

(Loss) income from continuing operations, as reported (GAAP) (54,530)$ (13,769)$ (44,892)$ (10,908)$

Impairment charges [1] 26,676 - - 10,082

Impact of ASU No. 2017-07 on 2016 [2] (945) - - -

Integration-related restructuring expenses and unfavorable effects from purchase accounting [3] 4,444 - - -

ASW operating loss - sold in September 2019 [4] 1,615 - - -

Acquisition-related costs [5] 3,056 - - -

Restructuring-related costs [6] - - 981 2,350

Excess costs of Avonmore [7] (2,560) 7,729 9,349 4,572

Bad debt expense [8] - - - 1,366

Proceeds from business interruption insurance claim [9] - - - (1,803)

Asbestos-related charges [10] 4,565 - 32,910 -

(Loss) income from continuing operations, as adjusted (non-GAAP) (17,679)$ (6,040)$ (1,652)$ 5,659$



2020

Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1

(Loss) income from continuing operations, as reported (GAAP) (1,777)$ (189)$ (2,847)$ (40,078)$ (44,892)$ (11,959)$ (653)$ (1,340)$ 3,044$ (10,908)$ 4,351$

Impairment charge [1] - - - - - 10,082 - - - 10,082 -

Restructuring-related costs [6] - - 379 602 981 921 171 561 697 2,350 -

Excess costs of Avonmore [7] 2,308 1,602 1,750 3,689 9,349 2,202 1,685 685 - 4,572 -

Bad debt expense [8] - - - - - - 1,366 - - 1,366 -

Proceeds from business interruption insurance claim [9] - - - - - - - - (1,803) (1,803) (769)

Asbestos-related charge [10] - - - 32,910 32,910 - - - - - -

Income (loss) from continuing operations, as adjusted (non-GAAP) 531$ 1,413$ (718)$ (2,877)$ (1,652)$ 1,246$ 2,569$ (94)$ 1,938$ 5,659$ 3,582$

2018 2019

2020

Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1

Net income (loss) 941$ (2,994)$ (7,039)$ (60,243)$ (69,335)$ (15,148)$ (3,858)$ (5,055)$ 3,075$ (20,986)$ 4,142$

Add:

Income tax (benefit) provision (463) 546 800 (615) 268 643 644 429 392 2,108 (2,783)

Other (income) expense, including interest expense (2,772) 256 (634) 2,065 (1,085) (51) (1,076) (546) (868) (2,541) 2,532

Depreciation and amortization 5,600 5,448 5,361 4,971 21,379 5,259 4,650 4,502 4,556 18,967 4,699

EBITDA 3,306 3,255 (1,512) (53,823) (48,773) (9,297) 360 (670) 7,155 (2,452) 8,590

Add:

Impairment charge [1] - - - - - 10,082 - - - 10,082 -

Loss from discontinued operations, net of tax [4] 69 1,709 3,443 18,679 23,901 2,242 3,391 3,398 54 9,085 -

Gain on sale of joint venture [11] - - - (500) (500) - - - - - -

Restructuring-related costs [6] - - 379 602 981 921 171 561 697 2,350 -

Excess costs of Avonmore [7] 2,308 1,602 1,750 3,689 9,349 2,202 1,685 685 - 4,572 -

Bad debt expense [8] - - - - - - 1,366 - - 1,366 -

Proceeds from business interruption insurance claim [9] - - - - - - - - (1,803) (1,803) (769)

Asbestos-related charge [10] - - - 32,910 32,910 - - - - - -

Adjusted EBITDA 5,684$ 6,567$ 4,060$ 1,557$ 17,867$ 6,150$ 6,973$ 3,974$ 6,103$ 23,200$ 7,821$

2018 2019



2016 2017 2018 2019

Net (loss) income (79,820)$ (12,089)$ (69,335)$ (20,986)$

Add:

Income tax provision (benefit) 22,712 (1,355) 268 2,108

Other (income) expense, including interest expense 2,990 3,673 (1,085) (2,541)

Depreciation and amortization 20,463 21,376 21,379 18,967

EBITDA (33,654) 11,605 (48,774) (2,452)

Add:

Impairment charges [1] 26,676 - - 10,082

Impact of ASU 2017-07 on 2016 [2] (945) - - -

Integration-related restructuring expenses and unfavorable effects from purchase accounting [3] 4,444 - - -

Loss (income) from discontinued operations, net of tax [4] 1,303 (3,749) 23,901 9,085

Gain on sale of joint venture [11] (500) (1,000) (500) -

Acquisition-related costs [5] 3,056 - - -

Restructuring-related costs [6] - - 981 2,350

Excess costs of Avonmore [7] (5,259) 7,729 9,349 4,572

Bad debt expense [8] - - - 1,366

Proceeds from business interruption insurance claim [9] - - - (1,803)

Asbestos-related charges [10] 4,565 - 32,910 -

Adjusted EBITDA (314)$ 14,585$ 17,867$ 23,200$

Non-GAAP Reconciliation Footnotes


[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

Represents bad debt expense for a British cast roll customer who filed for bankruptcy in 2019.

Represents business interruption insurance proceeds received for equipment outages that occurred in 2018.

For 2016, represents an asbestos-related charge taken to extend the estimated costs of pending and future asbestos claims, net of estimated insurance

recoveries and a settlment with an insurance carrier for an amount greater than originally estimated, from 2024 through 2026. For 2018, represents an

asbestos-related charge taken to extend the estimated costs of pending and future asbestos claims, net of additional insurance recoveries, from 2026

through 2052, the estimated final date by which we expect to have settled all asbestos-related claims.

Represents proceeds received from the 2016 sale of a portion of our equity interest in a forged roll Chinese joint venture.

Represents the operating loss of ASW Steel Inc. ("ASW") for 2016, which has been added back for comparative purposes. The operating results of ASW

after 2016 were classified as discontinued operations for all other periods presented herein. Additionally, loss (income) from discontinued operations, net of

tax, has been removed from EBITDA to determine Adjusted EBITDA.

Represents estimated net operating costs not expected to continue after the sale of the Avonmore Plant, which was completed in September 2019. The

estimated excess costs include judgments made by management in allocating manufacturing and operating costs between Avonmore and our other

operations and in anticipating how it will conduct business following the sale of the Avonmore Plant.

Represents professional fees associated with our overall restructuring plan and employee severance costs due to reductions in force.

Represents transaction costs associated with our acquisitions of Åkers AB and certain of its affiliated companies, including Åkers AB's 60% equity

interest in a Chinese joint venture company (collectively, "Åkers") and ASW.

Represents integration-related restructuring expenses and unfavorable effects from purchase accounting associated principally with our acquisition of

Åkers, as previously disclosed in our Annual Report on Form 10-K filed on March 16, 2017.

Represents the recast impact of ASU No. 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit

Cost," if applied to 2016. ASU 2017-07 became effective for us on January 1, 2018, and was applied retrospectively for all other periods presented herein.

Impairment charge for 2016 represents principally the write-off of goodwill associated with the Forged and Cast Engineered Products reporting unit deemed

to be impaired. For 2019, impairment charge was recognized in the first quarter of 2019 to record the sale of certain assets of Akers National Roll

Company, an indirect subsidiary of ours located in Avonmore, Pennsylvania (the "Avonmore Plant") to its estimated net realizable value less costs to sell in

anticipation of its sale, which was completed in September 2019.

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